Chart AUD/NZD Update: Under pressure, room to extend losses
Extending pullback from the 8 April current year high at 1.2200 to pressure support at the 1.2050 congestion
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2300 | * | congestion | S1 | 1.2050 | * | congestion | |
| R3 | 1.2200 | ** | 8 Apr YTD high | S2 | 1.2000 | * | figure, congestion | |
| R2 | 1.2150 | * | Mar high | S3 | 1.1930 | ** | 27 Mar low | |
| R1 | 1.2100 | congestion | S4 | 1.1860 | 4 Mar low |
Asterisk denotes strength of level
06:45 GMT - Extending pullback from the 8 April current year high at 1.2200 to pressure support at the 1.2050 congestion as daily studies unwind overbought readings. Below this will see room for deeper pullback to the 1.2000 figure. Lower still, turn focus to strong support at 1.1930 low of 27 March which is expected to underpin. Break here will weaken and turn focus to the downside to retrace gains from the April 2025 year low. Meanwhile, resistance is lowered to the 1.2100/1.2150 congestion and March high. Clearance here is needed to expose the 1.2200 high to retest and further extend the broader gains from 2020 year low.